The market for electrified vehicles is experiencing ups and downs, which is to be expected as the transition enters its next phase. And those ups and downs vary quite a bit depending on the region.
Figures released this week for the U.S. show that demand is growing fastest for hybrid models. In fact, a new record for sales of hybrids was set in the first quarter of this year. A Kia Sorento PHEV, charging up | Photo: Kia According to Cox Automotive, sales of conventional hybrid models more than doubled during the quarter compared with the previous year. Sales of plug-in hybrid vehicles rose by 59 percent. Together, they represent around 11 percent of light vehicle sales, which is a record.
In the U.S. market, the lower cost of hybrid vehicles is playing a significant part in shaping the trend, according to Thomas Libby, Associate Director of Industry Analysis and Loyalty Solutions at S&P . Many hybrid vehicles sell for under $30,000 USD, while the average transaction price for an all-electric vehicle is almost twice as high, reaching $57,000 USD in May, according to Cox Automotive.